ADVISORY BUSINESS A. General Description of Advisory Firm. Centerbridge Partners, L.P., a Delaware limited partnership, commenced operations in 2006 with an office in New York, New York. Jeffrey H. Aronson, through his control of Centerbridge Partners Holdings, LLC, the general partner of Centerbridge Partners, L.P., ultimately controls Centerbridge. Previously, Mr. Aronson controlled Centerbridge together with Mark T. Gallogly. Mr. Aronson became the sole Managing Principal of Centerbridge upon Mr. Gallogly’s retirement in December 2020 following CCP III (defined below) becoming fully invested (subject to certain reserves) and as CCP IV (defined below) commenced its investment period. B. Description of Advisory Services. 1. Advisory Services Centerbridge, through affiliated investment advisory entities, serves as (i) the management company with discretionary trading authority to private pooled investment vehicles, the securities of which are offered to investors on a private placement basis (each, a “Fund” and collectively, the “Funds”), (ii) investment advisor with non-discretionary trading authority to private pooled investment vehicles and (iii) investment advisor to a separately managed account. In addition, Centerbridge, through its affiliate, Centerbridge Partners Europe, LLP, a U.K. limited liability partnership that is authorized and regulated by the Financial Conduct Authority of the United Kingdom (the “Sub-Advisor”), serves as sub-advisor with respect to the Funds. The Funds include the Credit Partners Funds, the Special Credit Funds, the Flex Funds, the Capital Partners Funds, the Real Estate Funds, co-invest vehicles, and certain Other Vehicles, each as described in more detail below. (a) Credit Partners Funds The “Credit Partners Funds” comprise Centerbridge Credit Partners, L.P., a Delaware limited partnership (the “Domestic Fund”), Centerbridge Credit Partners TE, L.P., a Delaware limited partnership for investment by U.S. tax-exempt investors (the “TE Fund”), and Centerbridge Credit Partners Offshore, Ltd., a Cayman Islands exempted company (the “Offshore Fund”), each of which invests primarily through Centerbridge Credit Partners Master, L.P., a Cayman Islands exempted limited partnership (the “Master Fund”). Centerbridge Credit Partners General Partner, L.P., a Delaware limited partnership, serves as the general partner of the Domestic Fund and the TE Fund. Centerbridge Credit Partners Offshore General Partner, L.P., a Delaware limited partnership, serves as the general partner of the Master Fund. An affiliate of Centerbridge, Centerbridge Credit Advisors, L.L.C., a Delaware limited liability company (the “Credit Advisor”), provides investment advisory services to the Credit Partners Funds. Centerbridge Partners, L.P. – Form ADV Part 2, filed as of March 31, 2023 Page 2 (b) Special Credit Funds The “Special Credit Funds” comprise Centerbridge Special Credit Partners, L.P., a Delaware limited partnership (“Special Credit I”), Centerbridge Special Credit Partners II, L.P., a Delaware limited partnership (“Special Credit II”), Centerbridge Special Credit Partners III, L.P., a Delaware limited partnership (“SC III”), Centerbridge Special Credit Partners III-Flex, L.P.1, a Delaware limited partnership (“SC III-Flex,” and together with SC III, “Special Credit III”) and Centerbridge Special Credit Partners IV, L.P., a Delaware limited partnership, and Centerbridge Special Credit Partners IV Cayman, L.P., a Cayman Islands exempted limited partnership, each of which invests primarily through Centerbridge Special Credit Partners Master IV, L.P.,2 a Delaware limited partnership (“Special Credit IV”). Centerbridge Special Credit Partners General Partner, L.P., a Delaware limited partnership, serves as the general partner of Special Credit I. Centerbridge Special Credit Partners General Partner II, L.P., a Delaware limited partnership, serves as the general partner of Special Credit II. Centerbridge Special Credit Partners General Partner III, L.P., a Delaware limited partnership, serves as the general partner of Special Credit III. Centerbridge Special Credit Partners General Partner IV, L.P., a Delaware limited partnership, serves as the general partner of Special Credit IV. Centerbridge Special Credit Advisors, L.L.C., a Delaware limited liability company, Centerbridge Special Credit Advisors II, L.L.C., a Delaware limited liability company, Centerbridge Special Credit Advisors III, L.L.C., a Delaware limited liability company, and Centerbridge Special Credit Advisors IV, L.L.C., a Delaware limited liability company (together, the “Special Credit Advisors”), each an affiliate of Centerbridge, provide investment advisory services to Special Credit I, Special Credit II, Special Credit III and Special Credit IV, respectively. (c) Flex Funds The “Flex Funds” comprise Centerbridge Flex Partners, L.P., a Delaware limited partnership, and Centerbridge Flex Partners Cayman, L.P., a Cayman Islands exempted limited partnership, each of which invests primarily through Centerbridge Flex 1 As noted below, Centerbridge formed Centerbridge Credit Funding Advisors, LLC, which provides advisory services to Centerbridge Credit Funding 1, Ltd. and Centerbridge Credit Funding II, Ltd. (the “CBOs”) and Park Blue CLO 2022-I, Ltd. and Park Blue CLO 2022-II, Ltd. (the “CLOs”) and may in the future provide advisory services to other vehicles that are similar in nature. SC III-Flex currently holds the equity in the CBOs and the CLOs. For so long as SC III-Flex holds the equity in the CBOs and CLOs, any fees payable to the CDO Advisor (as defined below) by the CBOs and CLOs will fully offset fees paid to Centerbridge by SC III-Flex. 2 As noted below, in Q4 2021, Centerbridge formed Centerbridge Martello Advisors, L.L.C. (as disclosed in the ADV Part 2A filing made on March 31, 2022), which provides advisory services to Martello Re (as defined below) and related entities. Special Credit IV currently holds an indirect interest in Martello Re. Any fees payable to the Martello Advisor attributable to Special Credit IV’s interest in Martello Re will fully offset fees paid to Centerbridge by Special Credit IV. Centerbridge Partners, L.P. – Form ADV Part 2, filed as of March 31, 2023 Page 3 Partners Master, L.P., a Delaware limited partnership.3 Centerbridge Flex Partners General Partner, L.P., a Delaware limited partnership, serves as the general partner of the Flex Funds. Centerbridge Flex Advisors, L.L.C., a Delaware limited liability company, an affiliate of Centerbridge, provides investment advisory services to the Flex Funds. (d) Capital Partners Funds The “Capital Partners Funds” comprise Centerbridge Capital Partners, L.P., a Delaware limited partnership (“CCP I”), Centerbridge Capital Partners II, L.P., a Delaware limited partnership (“CCP II”), Centerbridge Capital Partners III, L.P., a Delaware limited partnership (“CCP III”), Centerbridge Capital Partners IV, L.P., a Delaware limited partnership (“CCP IV”), and Centerbridge Capital Partners V, L.P., a Delaware limited partnership (“CCP V”),4 and their related funds, including the following side-by-side (or “SBS”) co-investment vehicles through which Centerbridge professionals co-invest ratably alongside CCP I, CCP II, CCP III and CCP IV: Centerbridge Capital Partners SBS, L.P., Centerbridge Capital Partners SBS II, L.P., Centerbridge Capital Partners SBS III, L.P. and Centerbridge Capital Partners SBS IV, L.P. (collectively, the “Capital Partners SBS Co-Invest Vehicles”), respectively. Centerbridge Associates, L.P., a Delaware limited partnership, serves as the general partner of CCP I. Centerbridge Associates II, L.P., a Delaware limited partnership, serves as the general partner of CCP II. Centerbridge Associates III, L.P., a Delaware limited partnership, serves as the general partner of CCP III. Centerbridge Associates IV, L.P., a Delaware limited partnership, serves as the general partner of CCP IV. Centerbridge Associates V, L.P., a Delaware limited partnership, serves as the general partner of CCP V. Centerbridge Advisors, LLC, a Delaware limited liability company, Centerbridge Advisors II, LLC, a Delaware limited liability company, Centerbridge Advisors III, LLC, a Delaware limited liability company, Centerbridge Advisors IV, LLC, a Delaware limited liability company, and Centerbridge Advisors V, LLC, a Delaware limited liability company (together, the “Capital Partners Advisors”), each an affiliate of Centerbridge, provide investment advisory services to CCP I, CCP II, CCP III, CCP IV and CCP V, respectively. (e) Real Estate Fund The “Real Estate Funds” comprise Centerbridge Partners Real Estate Fund, L.P., a Delaware limited partnership (“CPREF”) and Centerbridge Partners Real Estate Fund II, L.P., a Delaware limited partnership (“CPREF II”), and their related funds, including the following SBS co-investment vehicles through which Centerbridge professionals co-invest ratably alongside CPREF and CPREF II: Centerbridge Partners 3 The Flex Funds have not been activated at this time and commitments to it have not been drawn, and accordingly the investment period has not yet commenced. 4 CCP V has not been activated at this time and commitments to it have not been drawn, and accordingly the investment period has not yet commenced. Centerbridge Partners, L.P. – Form ADV Part 2, filed as of March 31, 2023 Page 4 Real Estate Fund SBS, L.P. and Centerbridge Partners Real Estate Fund SBS II, L.P. (the “Real Estate SBS Co-Invest Vehicles”), respectively. Centerbridge Partners Real Estate Associates, L.P., a Delaware limited partnership, serves as the general partner of CPREF. Centerbridge Partners Real Estate Associates II, L.P., a Delaware limited partnership, serves as the general partner of CPREF II. Centerbridge Partners Real Estate Advisors, LLC, a Delaware limited liability company, and Centerbridge Partners Real Estate Advisors II, LLC, as Delaware limited liability company (together, the “Real Estate Advisors”), each an affiliate of Centerbridge, provide investment advisory services to CPREF and CPREF II, respectively. (f) Co-Invest Vehicles From time to time, Centerbridge offers co-investment opportunities, more typically alongside the Capital Partners Funds, and also at times alongside the Real Estate Funds, the Credit Funds (as defined below) and other clients. In certain circumstances and as further described below, service providers to the Funds or their affiliates will be offered the opportunity to co-invest. Centerbridge applies its discretion when allocating such opportunities to Centerbridge’s investors (including the extent to which any co- investment is allocated to any investors in the Fund), company management, service providers, third-party investors and / or others, and seeks to do so in a fair and equitable manner, taking into account facts and circumstances that can include, without limitation, the character and nature of the transaction (including structure, geographic location, tax characteristics, applicable regulation and relevant industry), speed of execution required, tax, legal, regulatory and confidentiality considerations (including for example if an investor is subject to The Freedom of Information Act or similar regulations and / or whether participation by a particular investor could increase the risk of antitrust or CFIUS approval), familiarity with, capability and history of investing in the relevant discipline (e.g., private equity or credit) and industry (for example, if the potential co- investor is involved in the same industry as a target company in which the Funds wish to invest, or if the identity of the potential co-investor, or the jurisdiction in which the potential co-investor is based, may affect the likelihood of the Funds being able to capitalize on a potential investment opportunity), prior expressions of interest in making similar investments, such person’s ability to consummate co-invest opportunities in a meaningful size, ability to provide strategic insights, the likelihood that such co-investor would require governance rights that would complicate or jeopardize the transaction (or, alternatively, whether the co-investor would be willing to defer to Centerbridge and assume a more passive role in governing the portfolio company), Centerbridge’s evaluation of its past experiences and relationships with the potential co-investor (including willingness or ability of such party to respond promptly and / or affirmatively to opportunities previously offered by Centerbridge, the expected amount of negotiations required in connection with a potential co-investor and the transparency and predictability of the potential co-investor’s investment process), the level of demand for participation in such co-investment opportunity and other factors believed relevant. Centerbridge endeavors to keep itself informed regarding investor interest in co- investment by maintaining records of those investors who have expressed interest in co- investments. Centerbridge does not currently advise what we consider to be a committed Centerbridge Partners, L.P. – Form ADV Part 2, filed as of March 31, 2023 Page 5 limited partner fund co-investment vehicle (i.e., a standing vehicle in which one or more third-party investors participate as to which Centerbridge has made a commitment to allocate a specific portion of investments alongside a Centerbridge Fund). Centerbridge can be expected to offer the opportunity to co-invest alongside a client with terms that differ in certain respects (including as to fees and expenses) than those applicable to such client, as offering co-investment affords important benefits to such Fund, including facilitating such Fund’s ability to pursue opportunities of significant overall size, to pursue investments where diversification of ownership is necessary or beneficial (in regulated industries, for example), or to access strategic insights, for example. Centerbridge also may determine that a Fund stands to benefit in its overall size where offering co-investment arrangements with pre-negotiated terms (which may include, for example, reductions to compensation (including profits interest) payable to Centerbridge, or borne by, such co-investing investors) would facilitate sufficiently large commitments to the Fund from such investors. Such co-invest vehicles could include dedicated or “standing” vehicles, such as “opt-out” vehicles where the general rule is that the co-investor has the ability to “opt-out” of co-investment opportunities through negative consent (unless they fit within certain automatic opt-in parameters), as well as committed vehicles where Centerbridge (in some or all circumstances), and not the co-investor, has discretion in determining whether the co- investment vehicle will participate in co-investment opportunities. The amount and frequency of co-investment by any such co-investment vehicles would be at the discretion of Centerbridge, and the existence

of dedicated vehicles could limit potential capacity for others to co-invest. Such arrangements can create an economic incentive for Centerbridge to allocate a greater or lesser percentage of an investment opportunity to a Fund or to or among such co-investment vehicles or co-investors, as the case may be. Such arrangements have the potential to affect the size of investments in which a Fund and such co-investment vehicles participate (and their respective allocations), taking into account the expected capacity of such Fund and such co-investment vehicles. However, Centerbridge is not obligated to offer co-investments to any investor or other potential investor (regardless of whether any such person has expressed an interest in pursuing co-investment opportunities). Each co-investment opportunity, to the extent one exists, is likely to be different from an allocation perspective and will be dependent upon the facts and circumstances specific to that unique opportunity (e.g., timing, industry, size, geography, asset class, projected holding period, exit strategy and counterparty). Centerbridge has sole discretion as to the amount (if any) of a co- investment opportunity that will be allocated to a particular co-investor and may allocate co-investment opportunities instead to investors in Funds that do not participate in the relevant investment or third parties. In addition, Centerbridge may determine to present co-investment opportunities to such co-investors at any time and with respect to any particular co-investment opportunity, at different times. Thus, one or more investors, clients and / or other third-party potential co-investors may have a longer period of time to evaluate a co-investment opportunity relative to other potential co-investors being offered the same opportunity. Centerbridge may receive fees and / or allocations from co- Centerbridge Partners, L.P. – Form ADV Part 2, filed as of March 31, 2023 Page 6 investors, which may differ as among co-investors and also may differ from the fees and / or allocations borne by the client participating in the relevant investment. (g) Other Vehicles Centerbridge will devote as much of its time to the activities of the Funds as it deems necessary and appropriate in their discretion. By the terms of the Funds’ governing documents, Centerbridge is not restricted from forming additional investment funds, from entering into other investment advisory relationships or from engaging in other business activities, even if such activities are in competition with the existing Funds and / or may involve substantial time and resources of Centerbridge. Indeed, Centerbridge does operate multiple strategies and associated entities and is expected to continue doing so in the future, including in performing credit strategies and including for reinsurance clients and potentially for other clients. Centerbridge personnel are permitted to have outside business activities that Centerbridge has determined do not involve a meaningful time commitment, including board service. These activities, while considered by Centerbridge to be accretive to the opportunities available to the clients, could be viewed as creating a conflict of interest in that the time and effort of the members of Centerbridge and their officers and employees will not be devoted exclusively to the business of a single client but will be allocated among the businesses of each of the clients, including new clients, and other activities. As such, subject to the terms of the governing documents of the clients, Centerbridge has the ability to form, sponsor and / or manage other commingled investment funds, vehicles or accounts (such investment funds, vehicles or accounts, the “Other Vehicles”). Such investment funds may be ancillary or accretive to, or otherwise supplement, the clients’ investment programs, including, without limitation, the establishment of securitized vehicles or trading vehicles and could include, without limitation: (i) investment funds or accounts focusing on geographic regions outside of North America and Europe; (ii) venture capital funds; (iii) mezzanine funds; (iv) vehicles for a single investment and follow-ons thereto (whether that is a continuation fund or a single-investment vehicle); (v) investment funds or other vehicles or accounts focusing on non-controlling investments, including in liquid securities or instruments; (vi) any successor funds to the Funds; (vii) any dedicated fund or account or other vehicle managed or advised by Centerbridge formed to pursue only one or a limited number of elements of the investment strategy of the Funds; (viii) any separately managed account, fund-of-one or other dedicated vehicle managed or advised by Centerbridge formed for a specific investor and / or its affiliates; (ix) funds or accounts focusing on open market purchases of investments or minority interests; and (x) funds or accounts focusing on investments that are precluded or limited pursuant to the terms of the governing documents of the relevant clients or applicable legal, tax, regulatory, accounting or other similar considerations. In the event two or more Funds hold different Instruments (including with respect to their relative seniority, and whether such Instruments are purchased contemporaneously or otherwise), Centerbridge may be presented with decisions when the interests of such Funds are in conflict as more fully described herein and in each Fund’s confidential private placement memorandum. Centerbridge Partners, L.P. – Form ADV Part 2, filed as of March 31, 2023 Page 7 In this regard, Centerbridge Credit Funding Advisors, LLC, a Delaware limited liability company and an affiliate of Centerbridge (the “CDO Advisor”), has entered into Collateral Management Agreements to provide advice to Centerbridge Credit Funding 1, Ltd. and Centerbridge Credit Funding II, Ltd. and Investment Management Agreements to provide advice to Park Blue 2022-I CLO, Ltd. and Park Blue 2022-II CLO, Ltd., each issuers of CDO Instruments, and intends to enter into similar arrangements with successor issuers of CDO Instruments. In addition, Centerbridge formed Centerbridge Martello Advisors, L.L.C., a Delaware limited liability company and an affiliate of Centerbridge (together with the Credit Advisor, the Special Credit Advisors, the Capital Partners Advisors, the Real Estate Advisors, the CBO Advisor and such other affiliate of Centerbridge acting in a similar capacity, “Advisors”), to provide investment advisory services related to Martello Re Limited, a Bermuda Class E Reinsurer formed to reinsure life and annuity contracts through closed block acquisition and ongoing reinsurance flow agreements (together with its affiliated entities, “Martello Re”). The Martello Advisor also advises, on their indirect investment in Martello Re, (i) on a discretionary basis, CB Martello Feeder, L.P., a Delaware limited partnership, and its related funds including CB Martello SBS, L.P., a side-by-side co-invest vehicle through which Centerbridge professionals co-invest ratably alongside CB Martello Feeder, L.P. (collectively with the Capital Partners SBS Co-Invest Vehicles and the Real Estate SBS Co-Invest Vehicles, the “SBS Co-Invest Vehicles”) and (ii) on a non-discretionary basis, pooled investment vehicles, not sponsored by Centerbridge. Centerbridge Advisors III, LLC also provides investment advisory services to Centerbridge Seaport Acquisition Fund, L.P., a Delaware limited partnership that serves as a continuation fund to invest in a single asset previously invested in by CCP III (“Seaport”). (h) General References herein to “Centerbridge” include Centerbridge Partners, L.P. and its relying advisers (the Advisors and the Sub-Advisor), and the respective general partners of the Funds where applicable. As used herein, the term “client” generally refers to each of the Funds, the Other Vehicles and their related investment vehicles (collectively, the “Centerbridge Accounts”). This Brochure generally includes information about Centerbridge and its relationships with its clients and affiliates. While much of this Brochure applies to all such clients and affiliates, certain information included herein applies to specific clients or affiliates only. In particular, we note that inception dates, ramp-up periods, harvest dates (if applicable) and other attributes of the clients will vary by client and, therefore, certain elements of the discussion, including Item 8, may be more germane to certain clients and not others. Accordingly, the discussion applies the term “may” (and similar terms) with respect to circumstances that may apply, which should be read as a reference to circumstances that have applied, apply at the present time or may apply in the future from time to time in relation to one or more of the clients. Centerbridge Partners, L.P. – Form ADV Part 2, filed as of March 31, 2023 Page 8 This Brochure does not constitute an offer to sell or solicitation of an offer to buy any securities. The securities of the Funds are offered and sold on a private placement basis under exemptions promulgated under the Securities Act of 1933, as amended (the “Securities Act”), and other exemptions of similar import under U.S. state laws and the laws of other jurisdictions where any offering may be made. Investors in the Funds generally must be both “accredited investors,” as defined in Regulation D promulgated under the Securities Act, and “qualified purchasers,” as defined in the Investment Company Act of 1940, as amended, or, with respect to the Offshore Fund, must otherwise be non-U.S. persons. Persons reviewing this Brochure should not construe this as an offer to sell or solicitation of an offer to buy the securities of any of the Funds described herein. Any such offer or solicitation will be made only by means of the applicable Fund’s confidential private placement memorandum. 2. Investment Strategies and Types of Investments Centerbridge’s investment strategy with respect to the Credit Partners Funds and the Special Credit Funds (together, the “Credit Funds”) focuses on non-control private credit and special situation investments. Centerbridge employs a related investment strategy with respect to Martello Re and the CBOs and CLOs, subject to specific limitations specified in their governing documents. Centerbridge’s investment strategy with respect to the Capital Partners Funds focuses on buyouts (including thematic buyouts and special situations buyouts, such as distressed-for-control transactions) and structured equity transactions, in each case with the primary purpose of acquiring control or influence-oriented positions in companies. Centerbridge’s investment strategy with respect to the Real Estate Funds focuses on real estate-related investments. Please see Item 8 for a more detailed description of the investment strategies pursued and types of investments made by the Funds. The descriptions set forth in this Brochure of specific advisory services that Centerbridge offers to clients, and investment strategies pursued and investments made by Centerbridge on behalf of its clients, should not be understood to limit in any way Centerbridge’s investment activities, including offering any advisory services, engaging in any investment strategy and making any investment, including any not described in this Brochure, that Centerbridge considers appropriate, subject to each client’s investment objectives and guidelines. The investment strategies Centerbridge pursues are speculative and entail substantial risks. Investors should be prepared to bear an entire loss of capital. There can be no assurance that the investment objectives of any client will be achieved. C. Availability of Customized Services for Individual Clients. Centerbridge’s investment decisions and advice with respect to each client are subject to each client’s investment objectives and guidelines, as described in its Centerbridge Partners, L.P. – Form ADV Part 2, filed as of March 31, 2023 Page 9 offering documents and / or its governing documents. The investment decisions and advisory services are specific to each client, and are not customized to any investor. D. Assets Under Management. As of December 31, 2022, Centerbridge manages approximately $35,139.1 million of capital on a discretionary basis and $450.0 million of capital on a non-discretionary basis.5 5 Amount reflects capital commitments of closed-ended funds and net asset value of open-ended funds, inclusive of subsequent month contributions. Excludes certain commitments that are not fee-bearing unless and until drawn and any co-investments that are not fee-bearing. As of December 31, 2022, Centerbridge manages approximately $24,363.8 million of invested or currently investable capital on a discretionary basis, and $450.0 million of capital on a non-discretionary basis. Such amount reflects (a) capital commitments of closed-ended funds in their investment period or commitment period, as applicable, which includes commitments that are subject to automatic incremental acceptance and will be activated in conjunction with a subsequent closing, or net asset value plus either (i) unfunded commitments (in the case of the Special Credit Funds) or (ii) available capital reserved for Follow-On Investments (in the case of Capital Partners Funds) if the closed-ended fund is in its harvest period, and (b) net asset value for the Credit Partners Funds as of December 31, 2022, inclusive of subsequent month contributions. Such amount excludes certain commitments that are not fee-bearing unless and until drawn and any co-investments that are not fee-bearing. In addition, the Martello Advisor (together with Barings LLC, as described in Item 16) is engaged to provide investment advisory services to Martello Re, which had total GAAP assets of $16,500 million as of December 31, 2022 (unaudited). The calculation of Regulatory Assets Under Management of $49,566.3 million, as expressed in the ADV Part 1 filed on March 31, 2023, applies a different, gross asset value-based methodology that results in a different figure. In the case of the Martello Re structure, assets from SC IV, CB Martello Feeder, L.P., CB Martello SBS, L.P., BBH Wealth Strategies, LLC – Martello Re Series and BBH Wealth Strategies Unit Trust – Martello Re Sub-Trust also are reflected in the Regulatory Assets Under Management attributed to insurance company clients in light of the different nature of the advisory mandates and distinct associated advisory fees payable to the applicable advisers. The year-on-year increase in RAUM attributable to insurance company clients reflects the contribution of assets made during 2022 by Mass Mutual to the Martello Re structure. Other documents may require a different formulation or calculation. Centerbridge Partners, L.P. – Form ADV Part 2, filed as of March 31, 2023 Page 10